Lululemon Athletica Inc (LULU) 2022 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. First Quarter 2022 Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 lululemon sportsa inc。 2022 年第一季度電話會議。 （操作員說明）正在錄製會議。 （操作員說明）

I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for lululemon athletica. Please go ahead.

我現在想將會議轉交給 lululemon 的投資者關係副總裁 Howard Tubin。請繼續。

Thank you, and good afternoon. Welcome to lululemon's first quarter earnings conference call. Joining me today to talk about our results are Calvin McDonald, CEO; and Meghan Frank, CFO.

謝謝，下午好。歡迎來到 lululemon 的第一季度財報電話會議。今天和我一起談論我們的結果的是首席執行官 Calvin McDonald；和首席財務官梅根·弗蘭克。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecast of certain aspects of lululemon's future. These statements are based on current information, which we have assessed, but by which its nature is dynamic and subject to rapid and even abrupt changes. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business including those we have disclosed in our most recent filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, and we expressly disclaim any obligation or undertaking to update or revise any of these statements as a result of new information or future events.

在開始之前，我想藉此機會提醒您，我們今天的講話將包括前瞻性陳述，反映管理層當前對 lululemon 未來某些方面的預測。這些陳述基於我們已經評估的當前信息，但其性質是動態的，並且會發生快速甚至突然的變化。由於與我們的業務相關的風險和不確定性，包括我們在最近向美國證券交易委員會提交的文件中披露的風險和不確定性，包括我們的 10-K 表格年度報告和我們在表格 10-Q 上的季度報告。我們在本次電話會議上做出的任何前瞻性陳述均基於截至今天的假設，我們明確表示不承擔因新信息或未來事件而更新或修改任何這些陳述的任何義務或承諾。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our quarterly report on Form 10-Q and in today's earnings press release. In addition, the comparable sales metrics given on today's call are on a constant dollar basis. The press release and accompanying quarterly report on Form 10-Q are available under the Investors section of our website at www.lululemon.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在我們的 10-Q 表格季度報告和今天的收益新聞稿中。此外，今天電話會議上給出的可比銷售指標是以不變美元為基礎的。新聞稿和隨附的 Form 10-Q 季度報告可在我們網站 www.lululemon.com 的“投資者”部分獲取。

Before we begin the call, I'd like to remind our investors to visit our investor site where you'll find a summary of our key financial and operating statistics for the first quarter as well as our quarterly infographic. Today's call is scheduled for 1 hour. (Operator Instructions)

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，在那裡您可以找到我們第一季度的主要財務和運營統計數據的摘要以及我們的季度信息圖。今天的通話時間為 1 小時。 （操作員說明）

And now I would like to turn the call over to Calvin.

現在我想把電話轉給 Calvin。

Thank you, Howard. I am pleased to be here today and share with you the highlights of our quarter 1 performance. It's been just over a month since I saw many of you in person at our recent Analyst Day presentation in New York. These are exciting times for lululemon as we embark upon our next 5-year growth plan, the Power of Three x2. Our teams are energized and deep in the work of the plan we shared. I look forward to providing you with updates on future earnings calls as we make progress on the key initiatives we laid out.

謝謝你，霍華德。我很高興今天來到這裡，與您分享我們第一季度業績的亮點。距離我最近在紐約的分析師日演講中見到你們中的許多人已經過去了一個多月。對於 lululemon 來說，這是激動人心的時刻，因為我們開始了我們的下一個 5 年增長計劃，即 Power of Three x2。我們的團隊精力充沛，深入開展我們共享的計劃工作。隨著我們在製定的關鍵舉措上取得進展，我期待著為您提供有關未來收益電話會議的最新信息。

However, I'd like to spend our time today discussing the macro environment and the unique aspects of lululemon, which continue to contribute to our strong performance. As you saw in our press release, the momentum in our business continues and 2022 is off to an impressive start. Revenue in the first quarter increased 32% versus last year and 27% on a 3-year CAGR basis and adjusted earnings per share grew 28% and 26% on the same basis.

然而，我今天想花時間討論宏觀環境和 lululemon 的獨特方面，這些方面繼續為我們的強勁表現做出貢獻。正如您在我們的新聞稿中看到的那樣，我們業務的勢頭仍在繼續，2022 年的開端令人印象深刻。第一季度收入同比增長 32%，三年復合年增長率為 27%，調整後每股收益同比增長 28% 和 26%。

There are several notable metrics that underscore our performance this quarter. Starting with product, the guest response to our core and new merchandise remains very strong. Our product continues to drive demand, and we experienced robust traffic growth in both channels with stores and e-commerce up approximately 40%. And finally, we're in a strong inventory position relative to last year. While our levels are higher than our historical norms, we are comfortable with the quality and composition of our inventory. This allows us to balance the momentum we're seeing in the business with the challenges that remain within the global supply chain.

有幾個值得注意的指標強調了我們本季度的表現。從產品開始，客人對我們的核心和新產品的反應仍然非常強烈。我們的產品繼續推動需求，我們在兩個渠道都經歷了強勁的流量增長，商店和電子商務增長了約 40%。最後，與去年相比，我們的庫存狀況良好。雖然我們的水平高於我們的歷史標準，但我們對庫存的質量和組成感到滿意。這使我們能夠平衡我們在業務中看到的勢頭與全球供應鏈中仍然存在的挑戰。

With that in mind, I'd like to spend a few minutes on China, given the current conditions related to COVID-19 and its impact on both our operations and supply chain. Consistent with many retailers in the region, we are seeing modest impacts of the COVID-19-related lockdowns on our stores and with some of our vendors. Throughout the first quarter and into the second quarter, we have seen up to 1/3 of our 71 stores closed for a period of time. As I'm sure you've seen, this week, stores are reopening in Beijing, and we are starting to see restrictions ease in Shanghai.

考慮到這一點，鑑於與 COVID-19 相關的當前狀況及其對我們的運營和供應鏈的影響，我想花幾分鐘談談中國。與該地區的許多零售商一致，我們看到與 COVID-19 相關的封鎖對我們的商店和一些供應商的影響不大。在整個第一季度和第二季度，我們的 71 家門店中有多達 1/3 關閉了一段時間。我相信你已經看到，本週，北京的商店重新開業，我們開始看到上海的限制有所放鬆。

Even with the closures, our business remained solid in the first quarter, with revenue growing double digits versus last year and growing over 60% on a 3-year CAGR basis. In addition, our growth plans remain on track as the majority of our 40 international new store openings this year are planned for Mainland China.

即使關閉，我們的業務在第一季度仍然保持穩健，收入與去年相比增長了兩位數，並且在 3 年復合年增長率的基礎上增長了 60% 以上。此外，由於我們今年開設的 40 家國際新店中的大部分都計劃在中國內地開業，因此我們的增長計劃仍保持在正軌上。

From a sourcing perspective, when looking at finished goods for the upcoming fall season, Mainland China represents only 4% to 6% of our total unit volume. When we include trims and other components, the volume increases. Although the majority of our vendors are now up and running, we have experienced delays and expect some level of impact on future receipts. Our teams are closely monitoring the situation, staying in regular contact with our vendors and working to mitigate the current risks.

從採購的角度來看，在考慮即將到來的秋季的成品時，中國大陸僅占我們總單位銷量的 4% 至 6%。當我們包括裝飾和其他組件時，體積會增加。儘管我們的大多數供應商現已啟動並運行，但我們經歷了延誤，並預計對未來的收據會產生一定程度的影響。我們的團隊正在密切關注情況，與我們的供應商保持定期聯繫，並努力降低當前的風險。

Having said all of this, we remain excited about our business in China, and we view the current situation as short term in nature. Our brand momentum remains strong, and we will continue to invest in the region, and we're excited about what the future holds for lululemon in this important market.

說了這麼多，我們仍然對我們在中國的業務感到興奮，我們認為目前的情況是短期的。我們的品牌勢頭依然強勁，我們將繼續在該地區投資，我們對 lululemon 在這個重要市場的未來感到興奮。

When looking at the global supply chain, overall, the environment remains challenging. Ocean lead times are not improving and air freight costs remain high. To address these issues, our team is carefully balancing our business momentum with time line uncertainties to help ensure we meet guest demand. This comes with a commensurate investment in air freight, which is important given we see satisfying guest demand as a priority. Our time lines allow us to pivot when we see trends change from air to ocean and all costs are included in our guidance. We will continue to carefully assess and manage.

縱觀全球供應鏈，總體而言，環境仍然充滿挑戰。海運交貨時間沒有改善，空運成本仍然很高。為了解決這些問題，我們的團隊正在仔細平衡我們的業務勢頭和時間線的不確定性，以幫助確保我們滿足客人的需求。這伴隨著對空運的相應投資，鑑於我們將滿足客人的需求視為首要任務，這一點很重要。當我們看到趨勢從空氣變為海洋時，我們的時間線允許我們進行調整，並且所有成本都包含在我們的指導中。我們將繼續認真評估和管理。

Switching now to inflation. As we mentioned last quarter, we are seeing increased input costs on raw materials, labor and as I just spoke about, air freight. We continue to monitor the situation closely and are taking actions to mitigate the impact on our P&L. These include ongoing cost management, working with our vendor partners to identify additional efficiencies and pricing opportunities.

現在轉向通貨膨脹。正如我們上個季度提到的，我們看到原材料、勞動力以及我剛才談到的空運的投入成本增加。我們將繼續密切關注情況，並正在採取行動減輕對我們損益的影響。其中包括持續的成本管理，與我們的供應商合作夥伴一起確定額外的效率和定價機會。

As I've shared previously, we are implementing some select price increases and have not seen any negative impact to our sales volume as a result. However, unlike many in the industry, we do not use promotional pricing as a lever to drive top line sales. Therefore, we are very intentional with our pricing strategies, and we monitor guest response accordingly. That said, I remain cautious around increasing prices in this period of uncertainty, and we will continue to monitor and maintain a measured approach toward this strategy.

正如我之前所分享的，我們正在實施一些精選的價格上漲，因此沒有看到對我們的銷量產生任何負面影響。然而，與業內許多公司不同的是，我們不使用促銷定價作為推動頂線銷售的槓桿。因此，我們非常注重定價策略，並相應地監控客人的反應。也就是說，在這段不確定的時期，我對價格上漲仍然持謹慎態度，我們將繼續監控並保持對這一戰略的審慎態度。

Given the times in which we are operating, I wanted to highlight for you the unique strengths of lululemon, which drive our performance quarter after quarter. We have many attributes that make our brand unique, create competitive advantages and lead to the ongoing momentum in our business. As I've shared before, the pandemic has contributed to a fundamental change in guest behaviors that provide us with compelling opportunities to grow. These include our guests wanting to live an active and healthy lifestyle and looking for additional support related to well-being and recovery, and as normalcy returns, their desire for versatile apparel has increased.

鑑於我們所處的時代，我想向您強調 lululemon 的獨特優勢，這些優勢推動了我們一個季度一個季度的業績。我們有許多屬性使我們的品牌獨一無二，創造競爭優勢並引領我們業務的持續發展。正如我之前分享的那樣，這種流行病已經促成了客人行為的根本變化，為我們提供了令人信服的發展機會。其中包括我們的客人希望過上積極健康的生活方式，並尋求與健康和康復相關的額外支持，隨著恢復正常，他們對多功能服裝的渴望有所增加。

Plus, our D2C model provides a strong and direct connection to our guests with incredible insights across every touch point. And we have a very balanced approach to growth across channels, geographies, merchandise categories, gender and activities. And finally, our primary focus on technical athletic apparel creates demand for our product across seasons and mitigates the need for markdowns. All of this positions us for continued growth and we will continue to take a balanced and holistic view of our business. In fact, our business is in the early innings and all levers are contributing to our performance. This is unique, speaks to the strength of our brand and our opportunity to innovate, all while maintaining our momentum.

此外，我們的 D2C 模型為我們的客人提供了強大而直接的聯繫，並在每個接觸點提供了令人難以置信的洞察力。我們對跨渠道、地域、商品類別、性別和活動的增長採取了非常平衡的方法。最後，我們對技術運動服裝的主要關注創造了對我們產品的跨季節需求，並減少了對降價的需求。所有這些都使我們能夠持續增長，我們將繼續對我們的業務採取平衡和整體的看法。事實上，我們的業務處於早期階段，所有的槓桿都在為我們的業績做出貢獻。這是獨一無二的，體現了我們品牌的實力和我們的創新機會，同時保持了我們的發展勢頭。

Finally, let's look further at our product innovation. We continue to leverage our Science of Feel development platform to solve for the unmet needs of athletes and to bring new technical features into our merchandise assortment. Our foundational principle is when you feel your best, you perform your best. We utilized the Science of Feel to bring a consistent flow of innovation to our assortment across a variety of activities. Our product pipeline remains very strong, and it's the bedrock of the business.

最後，讓我們進一步看看我們的產品創新。我們繼續利用我們的 Science of Feel 開發平台來解決運動員未滿足的需求，並將新的技術功能引入我們的商品分類中。我們的基本原則是當你感覺最好時，你表現最好。我們利用感覺科學在各種活動中為我們的產品系列帶來一致的創新流。我們的產品線仍然非常強大，它是業務的基石。

In quarter 1, we launched footwear, golf and tennis, all meeting with great guest response. With footwear, we leveraged 20-plus years of experience designing and developing technical apparel to bring a unique solve to the women's footwear space. Many in the industry design footwear for men and then adopt for women. We designed our shoe for women first.

在第一季度，我們推出了鞋類、高爾夫和網球，所有這些都得到了很好的客戶反響。在鞋類方面，我們利用 20 多年設計和開發技術服裝的經驗，為女鞋領域帶來獨特的解決方案。許多業內人士為男性設計鞋履，然後為女性採用。我們首先為女性設計了鞋子。

We introduced our first shoe, Blissfeel, in March, and we were proud that it was named the best women's specific shoe in 2022 by Runner's World. The response has been enthusiastic. And since we were prudent with our inventory buys, we have seen out of stocks. Although we expect to be in a better inventory position in the coming weeks, demand has far exceeded our sales forecast. As a result, we do anticipate that we will be chasing into additional inventory for the remainder of the year.

我們在 3 月推出了我們的第一款鞋 Blissfeel，我們很自豪它被 Runner's World 評為 2022 年最佳女性專用鞋。反響熱烈。而且由於我們謹慎購買庫存，我們已經看到庫存不足。儘管我們預計未來幾週庫存狀況會更好，但需求已遠遠超出我們的銷售預測。因此，我們確實預計我們將在今年剩餘時間裡增加庫存。

Turning to our play activities. Golf and tennis both performed well this quarter. These collections are comprised of pieces from our core assortment as well as styles designed specifically for these activities. This strategy allows us to manage our assortment, grow share of wallet while also leveraging our core and driving sales. We are pleased with these results and will continue to lean into these strategies.

談到我們的遊戲活動。高爾夫和網球在本季度均表現出色。這些系列由我們的核心產品系列以及專為這些活動設計的款式組成。這種策略使我們能夠管理我們的分類，增加錢包份額，同時還利用我們的核心和推動銷售。我們對這些結果感到滿意，並將繼續採用這些策略。

Looking ahead into quarter 2, we have several exciting product stories to tell. First is SenseKnit. To continue expanding our run apparel assortment, this week, we launched our newest fabric innovation. After 4 years of research and development, we have brought to market SenseKnit, a proprietary fabric that seamlessly engineers zones of support, breathability and mobility directly into the fabric. Based upon collaborative work with our ambassadors and athletes, we determined the sensation runners are looking with unrestricted lightweight support while also delivering the technical performance and endurance they expect from lululemon. And our SenseKnit collection provides this sensation in 9 styles for men and women.

展望第二季度，我們有幾個令人興奮的產品故事要講。首先是SenseKnit。為了繼續擴大我們的跑步服裝種類，本週，我們推出了最新的面料創新。經過 4 年的研發，我們將 SenseKnit 推向市場，這是一種專有面料，可將支撐、透氣性和流動性區域直接無縫設計到面料中。基於與我們的大使和運動員的合作，我們確定了感覺跑步者正在尋找不受限制的輕量級支撐，同時還提供他們期望從 lululemon 獲得的技術性能和耐力。我們的 SenseKnit 系列為男士和女士提供 9 種款式。

Second is hike. To leverage the versatility of our core as we've done with golf and tennis, we're on track to launch hike in the coming weeks. This assortment will combine elements of our core assortment with new styles designed specifically for hiking. This is an unmet need we heard from our guests specifically as hiking has gained popularity during the pandemic.

二是遠足。為了利用我們在高爾夫和網球方面所做的核心的多功能性，我們有望在未來幾週內推出徒步旅行。該分類將我們核心分類的元素與專為徒步旅行設計的新款式相結合。這是我們從客人那裡聽到的一個未滿足的需求，特別是在大流行期間徒步旅行變得流行起來。

Next is throwbacks. Our product team has been spending time in our archives to find the best of the best and re-release limited additions of some of our guests' favorite styles, including revamped versions of our Astro Pants, Shape Jacket and Inspire Crop.

接下來是回歸。我們的產品團隊一直在我們的檔案中花時間尋找最好的，並重新發布一些客人最喜歡的款式的有限添加，包括我們的 Astro Pants、Shape Jacket 和 Inspire Crop 的改進版本。

And finally, footwear, as I mentioned, we are excited with the initial response. We just launched our second style, the Restfeel slide this week, and we remain on track to roll out our next 2 styles later this year, Chargefeel and Strongfeel. This is just the beginning for us within this category, which has considerable opportunity.

最後，鞋類，正如我所提到的，我們對最初的反應感到興奮。本週我們剛剛推出了第二種風格，即 Restfeel 滑梯，我們仍有望在今年晚些時候推出我們的下兩種風格，Chargefeel 和 Strongfeel。這對我們來說只是這個類別的開始，它有相當大的機會。

So in summary, our results and our guidance demonstrate the strength of our business and the momentum of our brand. This is enabled by our omni operating model, our product innovation and our balanced approach to growth. We have shown our ability to successfully manage through what's happening around us, and I am continually inspired by how our teams around the globe consistently deliver for our guests, for each other and for our stakeholders.

總而言之，我們的結果和我們的指導展示了我們的業務實力和我們品牌的勢頭。這得益於我們的全方位運營模式、產品創新和平衡的增長方式。我們已經展示了我們成功管理周圍發生的事情的能力，我不斷受到我們全球團隊如何始終如一地為我們的客人、彼此和我們的利益相關者提供服務的啟發。

With that, I'll now turn it over to Meghan.

有了這個，我現在把它交給梅根。

Thanks, Calvin. I'll begin by saying how excited I was to host our recent Analyst Day and get to meet and speak with many of you in person. As we delivered early on our total 2023 revenue goals, we used Analyst Day to launch our growth plan for the next 5 years. Our new plan builds upon our proven Power of Three formula and calls for a doubling of total revenue from $6.25 billion in 2021 to $12.5 billion in 2026. Hence, we've appropriately named the new plan, Power of Three x2. Our teams are already executing against our new plan, and we're off to a solid start despite the ongoing headwinds in the macro environment.

謝謝，卡爾文。首先，我很高興能主持我們最近的分析師日並與你們中的許多人面對面交談。由於我們提前實現了 2023 年的總收入目標，因此我們利用分析師日啟動了未來 5 年的增長計劃。我們的新計劃建立在我們久經考驗的“三個力量”公式的基礎上，並要求將總收入從 2021 年的 62.5 億美元翻倍至 2026 年的 125 億美元。因此，我們恰當地將新計劃命名為“三個力量 x2”。我們的團隊已經在執行我們的新計劃，儘管宏觀環境持續存在逆風，但我們的開局良好。

So let me now share with you the details on our Q1 performance. I will also discuss specifics on our balance sheet, including our inventory and cash position. Please note that when comparing the financial metrics for Q1 2022 with Q1 2021, the adjusted operating results for Q1 2021 exclude approximately $8 million of MIRROR acquisition-related costs and our associated tax effect. You can refer to our earnings release for more information and reconciliations to our GAAP metrics.

因此，現在讓我與您分享我們第一季度業績的詳細信息。我還將討論我們資產負債表上的細節，包括我們的庫存和現金狀況。請注意，在比較 2022 年第一季度和 2021 年第一季度的財務指標時，調整後的 2021 年第一季度經營業績不包括大約 800 萬美元的 MIRROR 收購相關成本和我們相關的稅收影響。您可以參考我們的收益發布以了解更多信息以及與我們的 GAAP 指標的對賬。

For Q1, total net revenue increased 32% to $1.613 billion, ahead of our guidance, driven by outperformance in North America. Comparable sales increased 29% with a 24% increase in stores and a 33% increase in digital. On a 3-year CAGR basis, total revenue increased 27%, an acceleration from Q4. In our store channel, sales increased 36% on a 1-year basis and 13% on a 3-year CAGR basis. Productivity was above 2019 levels and continues to trend that way to date in Q2. On average, we had 98% of our stores open throughout Q1. We currently have 97% open with current closures related predominantly to the impact of COVID-19 in China.

在北美表現出色的推動下，第一季度總淨收入增長 32% 至 16.13 億美元，高於我們的預期。可比銷售額增長了 29%，其中商店增長了 24%，數字增長了 33%。按 3 年復合年增長率計算，總收入增長 27%，較第四季度有所加速。在我們的商店渠道中，銷售額在 1 年基礎上增長了 36%，在 3 年復合年增長率基礎上增長了 13%。生產力高於 2019 年的水平，並在第二季度繼續保持這種趨勢。平均而言，我們有 98% 的門店在整個第一季度開業。我們目前有 97% 的營業場所，目前的關閉主要與 COVID-19 在中國的影響有關。

Square footage increased 16% versus last year driven by the addition of 56 net new stores since Q1 of 2021. During the quarter, we opened 5 net new stores and completed 4 co-located optimizations. In our digital channel, revenues increased 51% on a 3-year CAGR basis and contributed $721 million of top line or 45% of total revenue. Within North America, revenue increased 26% and within international, we saw a 37% increase, both on a 3-year CAGR basis. And by category, men's revenue increased 30% on a 3-year CAGR basis, women's increased 24% and accessories grew 43% on the same basis.

由於自 2021 年第一季度以來新增 56 家淨新店，面積比去年增加了 16%。在本季度，我們開設了 5 家淨新店並完成了 4 項協同優化。在我們的數字渠道中，收入在 3 年復合年增長率的基礎上增長了 51%，貢獻了 7.21 億美元的收入或總收入的 45%。在北美，收入增長了 26%，在國際範圍內，我們看到了 37% 的增長，兩者均以 3 年復合年增長率為基礎。按品類劃分，男裝收入按 3 年復合年增長率增長 30%，女裝增長 24%，配飾增長 43%。

I'm also excited with what we're seeing in traffic across both channels. In stores, traffic increased over 40%, while at the same time, traffic to our e-commerce sites and apps globally increased nearly 40%. On a 3-year CAGR basis, traffic is up over 10% in stores and nearly 40% in e-commerce. This speaks to the strength of our omni operating model as we engage with our guests in ways most convenient to them.

我也對我們在兩個渠道的流量中看到的情況感到興奮。在商店中，流量增長了 40% 以上，而與此同時，我們在全球的電子商務網站和應用程序的流量增長了近 40%。在 3 年復合年增長率的基礎上，商店的客流量增長了 10% 以上，電子商務的客流量增長了近 40%。這說明了我們全方位運營模式的優勢，因為我們以最方便的方式與客人互動。

Gross profit for the first quarter was $870 million or 53.9% of net revenue compared to 57.1% of net revenue in Q1 2021. Our gross margin decrease of 320 basis points relative to last year was driven by a 370 basis point decrease in product margin. Q1 product margin included an increase of approximately 340 basis points in air freight related to macro supply chain challenges, which was higher than our guidance of 300 basis points due to increased usage relative to our initial plans.

第一季度的毛利潤為 8.7 億美元，占淨收入的 53.9%，而 2021 年第一季度占淨收入的 57.1%。與去年相比，我們的毛利率下降了 320 個基點，原因是產品利潤率下降了 370 個基點。第一季度產品利潤率包括與宏觀供應鏈挑戰相關的空運增加約 340 個基點，這高於我們的指導值 300 個基點，原因是相對於我們最初計劃的使用量增加。

Markdowns were approximately flat with last year. Relative to 2019, markdowns decreased by 40 basis points. We also experienced 10 basis points of deleverage from foreign exchange. This was partially offset by 60 basis points of leverage on fixed costs, driven by occupancy and depreciation.

降價幅度與去年基本持平。相對於 2019 年，降價幅度下降了 40 個基點。我們還經歷了 10 個基點的外匯去槓桿。這部分被佔用和折舊驅動的固定成本槓桿 60 個基點所抵消。

Moving to SG&A. Our approach continues to be grounded and prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $608 million or 37.7% of net revenue compared to 40.5% of net revenue in Q1 2021. Leverage in the quarter versus Q1 2021 resulted from leverage in our store and digital channels, somewhat offset by increased investments in the corporate SG&A and depreciation. Operating income for the quarter was $260 million or 16.1% of net revenue compared to adjusted operating margin of 16.4% in Q1 2021 and inclusive of approximately 340 basis points of additional air freight expense.

轉移到 SG&A。我們的方法繼續立足並謹慎管理我們的開支，同時繼續戰略性地投資於我們的長期增長機會。 SG&A 費用為 6.08 億美元，占淨收入的 37.7%，而 2021 年第一季度占淨收入的 40.5%。與 2021 年第一季度相比，本季度的槓桿率來自我們商店和數字渠道的槓桿率，但在一定程度上被公司 SG&A 和折舊的投資增加所抵消.本季度的營業收入為 2.6 億美元，占淨收入的 16.1%，而 2021 年第一季度調整後的營業利潤率為 16.4%，其中包括約 340 個基點的額外空運費用。

Tax expense for the quarter was $70 million or 27% of pretax earnings compared to an adjusted effective tax rate of 24.5% a year ago. The increase relative to last year is due primarily to a decrease in tax deductions related to stock-based compensation, and an accrual for withholding taxes on a portion of our fiscal 2022 Canadian earnings.

本季度的稅收支出為 7,000 萬美元，佔稅前收益的 27%，而一年前調整後的有效稅率為 24.5%。相對於去年的增長主要是由於與股票薪酬相關的稅收減免減少，以及我們 2022 財年加拿大部分收入的預扣稅的應計。

Net income for the quarter was $190 million or $1.48 per diluted share compared to adjusted earnings per diluted share of $1.16 in Q1 of 2021. Capital expenditures were $111 million for the quarter compared to $64 million in the first quarter last year. Q1 spend relates primarily to investments to support business growth, store capital for new locations, relocations and renovations, and technology investments.

本季度的淨收入為 1.9 億美元或攤薄後每股收益 1.48 美元，而 2021 年第一季度的調整後每股攤薄收益為 1.16 美元。本季度的資本支出為 1.11 億美元，而去年第一季度為 6400 萬美元。第一季度支出主要與支持業務增長的投資、新地點的存儲資本、搬遷和翻新以及技術投資有關。

Turning to our balance sheet highlights. We ended the quarter with $649 million in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory grew 74% versus last year and was $1.3 billion at the end of Q1. We continue to strategically use air freight to help mitigate industry-wide supply chain issues and support our top line momentum, with these higher costs having an impact on inventory when looked at on a dollar basis. We also believe that 2019 is the most relevant comparison point given supply chain challenges since the beginning of the pandemic.

轉向我們的資產負債表亮點。我們在本季度結束時擁有 6.49 億美元的現金和現金等價物，以及循環信貸額度下的近 4 億美元可用產能。庫存與去年相比增長了 74%，在第一季度末達到 13 億美元。我們繼續戰略性地使用空運來幫助緩解全行業的供應鏈問題並支持我們的收入增長勢頭，以美元計算時，這些較高的成本會對庫存產生影響。我們還認為，鑑於大流行開始以來的供應鏈挑戰，2019 年是最相關的比較點。

On a 3-year CAGR basis, unit inventory increased 36% relative to 2019 at the end of Q1 and is well positioned relative to our Q2 2022 top line guidance of a 26% increase on a 3-year CAGR basis, again, comparing to 2019. It's important to mention that due to ocean transit times, our in-transit inventory is up relative to 2019 and is contributing approximately 5 percentage points to the 3-year unit CAGR of 36%.

在 3 年復合年增長率的基礎上，在第一季度末，單位庫存相對於 2019 年增加了 36%，並且相對於我們在 2022 年第二季度的 3 年復合年增長率基礎上增加 26% 的頂線指導處於有利位置，再次，與2019 年。值得一提的是，由於海運時間的原因，我們的在途庫存相對於 2019 年有所上升，並且為 36% 的 3 年單位複合年增長率貢獻了大約 5 個百分點。

I'd also mention that we likely have less guest demand on the table last year as we were under inventory due to supply chain issues. Hence, our product teams have taken this into account as they plan receipts for this year. We also continue to leverage our core assortment, which comprises approximately 45% of our inventory.

我還提到，由於供應鏈問題，我們的庫存不足，去年我們的客人需求可能會減少。因此，我們的產品團隊在計劃今年的收據時已經考慮到了這一點。我們還繼續利用我們的核心品種，該品種約占我們庫存的 45%。

Looking forward, we expect to see the highest 1 year inventory growth rate of the year in Q2 on both a dollar and unit basis before levels begin to moderate in Q3. In Q2, inventory dollar growth relative to last year will be modestly above levels at the end of Q1. On a 3-year CAGR basis, unit growth will remain up approximately 36%.

展望未來，我們預計在第三季度水平開始放緩之前，第二季度按美元和單位計算的 1 年最高庫存增長率。在第二季度，相對於去年的庫存美元增長將略高於第一季度末的水平。按 3 年復合年增長率計算，單位增長率將保持在 36% 左右。

In Q1, we repurchased approximately 700,000 shares at an average price of approximately $328. At the end of the quarter, we had approximately $955 million remaining on our recently authorized $1 billion repurchase program.

第一季度，我們以約 328 美元的平均價格回購了約 700,000 股股票。在本季度末，我們最近授權的 10 億美元回購計劃中剩餘約 9.55 億美元。

Let me shift now to our outlook for Q2 and the full year 2022. For Q2, we expect revenue in the range of $1.75 billion to $1.775 billion, representing 1 year growth of 21% to 22% and a 3-year CAGR of approximately 26%. We expect to open 20 net new company-operated stores in Q2. We expect gross margin in Q2 to be down approximately 200 basis points relative to Q2 of 2021. Our Q2 guidance includes an impact of approximately 150 basis points of pressure from air freight costs due to port congestion and capacity constraints. In Q2, we expect our SG&A rate to be relatively flat with Q2 2021.

現在讓我談談我們對第二季度和 2022 年全年的展望。對於第二季度，我們預計收入在 17.5 億美元至 17.75 億美元之間，1 年增長 21% 至 22%，3 年復合年增長率約為 26 %。我們預計第二季度將淨開設 20 家公司自營店。我們預計第二季度的毛利率將相對於 2021 年第二季度下降約 200 個基點。我們的第二季度指引包括由於港口擁堵和運力限製而受到空運成本壓力約 150 個基點的影響。在第二季度，我們預計我們的 SG&A 率將與 2021 年第二季度相對持平。

Turning to EPS. We expect adjusted earnings per share in the second quarter to be in the range of $1.82 to $1.87 versus adjusted EPS of $1.65 a year ago. Our range of $1.82 to $1.87 excludes the $0.07 gain on a real estate sale we expect to realize in Q2. For the full year 2022, we now expect revenues to be in the range of $7.61 billion to $7.71 billion. This range assumes our e-commerce business grows in the high teens to low 20s relative to 2021. When looking at total revenue, our guidance implies a 3-year CAGR of 24% to 25%, which continues to be higher than our 3-year revenue CAGR of 19%, leading up to 2020 and higher than the target of approximately 15% growth we set forth in our new Power of Three x2 growth plan.

轉向EPS。我們預計第二季度調整後的每股收益將在 1.82 美元至 1.87 美元之間，而一年前的調整後每股收益為 1.65 美元。我們 1.82 美元至 1.87 美元的區間不包括我們預計在第二季度實現的房地產銷售的 0.07 美元收益。對於 2022 年全年，我們現在預計收入將在 76.1 億美元至 77.1 億美元之間。此範圍假設我們的電子商務業務相對於 2021 年在 10 至 20 多歲之間增長。在查看總收入時，我們的指導意味著 3 年的複合年增長率為 24% 至 25%，繼續高於我們的 3-年收入複合年增長率為 19%，直至 2020 年，高於我們在新的“三強”x2 增長計劃中設定的約 15% 增長目標。

We continue to expect to open approximately 70 net new company-operated stores in 2022. Our new store openings in 2022 will include approximately 40 stores in our international markets and represents a square footage increase in the low 20% range in total. For the full year, we are forecasting gross margin to decrease between 100 to 150 basis points versus 2021. The reduction relative to last year is driven by increased investment in our DC network and a strategic increase in content development costs for lululemon studio, MIRROR. The increased costs and gross margin will be offset by a reduction in digital marketing, which flows through SG&A. In addition, we now expect air freight to have a modest negative impact of approximately 30 basis points versus our prior expectation of flat.

我們繼續預計 2022 年將開設約 70 家淨新公司自營店。我們在 2022 年開設的新店將包括在我們國際市場的約 40 家店，並且總面積增加了 20% 的低範圍。與 2021 年相比，我們預計全年毛利率將下降 100 至 150 個基點。與去年相比，下降的原因是我們對 DC 網絡的投資增加以及 lululemon studio MIRROR 內容開發成本的戰略性增加。增加的成本和毛利率將被通過 SG&A 流動的數字營銷的減少所抵消。此外，我們現在預計空運將產生約 30 個基點的適度負面影響，而我們之前的預期持平。

Turning to SG&A for the full year. We are forecasting leverage of 50 to 100 basis points versus 2021, driven by increased sales and the shift in lululemon studio, MIRROR, investments I just mentioned. And when looking at operating margin for the full year 2022, we now expect it to be approximately flat with last year, inclusive of the 30 basis points of incremental air freight expense I just mentioned. For the full year 2022, we now expect our effective tax rate to be 28% to 28.5%. For Q2, we expect our effective tax rate to be approximately 28.5%.

轉向 SG&A 全年。我們預測，與 2021 年相比，槓桿率將提高 50 到 100 個基點，這主要得益於銷售額的增長以及我剛才提到的 lululemon studio、MIRROR 投資的轉變。在查看 2022 年全年的營業利潤率時，我們現在預計它將與去年大致持平，包括我剛才提到的 30 個基點的增量空運費用。對於 2022 年全年，我們現在預計我們的有效稅率為 28% 至 28.5%。對於第二季度，我們預計我們的有效稅率約為 28.5%。

For the fiscal year 2022, we expect adjusted diluted earnings per share in the range of $9.35 to $9.50 versus adjusted EPS of $7.79 in 2021. Our EPS guidance excludes the impact of any future share repurchases and the gain on a real estate sale we expect to realize in Q2. We continue to expect capital expenditures to be approximately $600 million to $625 million for 2022. The increase versus 2021 reflects the increased investment in our supply chain, digital capabilities, new store openings and renovations as well as other technology and general corporate infrastructure projects. Our range of $600 million to $625 million is approximately 8% of revenue, in line with our current Power of Three x2 target of 7% to 9%.

對於 2022 財年，我們預計調整後的稀釋後每股收益在 9.35 美元至 9.50 美元之間，而 2021 年調整後的每股收益為 7.79 美元。我們的每股收益指引不包括任何未來股票回購的影響以及我們預計的房地產銷售收益在第二季度實現。我們繼續預計 2022 年的資本支出約為 6 億至 6.25 億美元。與 2021 年相比，這一增長反映了我們對供應鏈、數字能力、新店開業和翻新以及其他技術和一般企業基礎設施項目的投資增加。我們 6 億美元至 6.25 億美元的範圍約為收入的 8%，符合我們當前 7% 至 9% 的三倍功率 x2 目標。

Thank you. And with that, I'll turn it back over to Calvin for some closing remarks.

謝謝你。有了這個，我會把它交給 Calvin 做一些結束語。

Thank you, Meghan. As you can see from our results, lululemon continues to deliver the kind of performance that sets us apart within the retail industry. Two weeks ago, we held our Annual Leadership Summit and brought together virtually about 2,000 of our leaders from around the globe. We detailed our Power of Three x2 growth plans and spoke to our culture at lululemon and to our purpose, which is to elevate human potential by helping people feel their best.

謝謝你，梅根。正如您從我們的結果中看到的那樣，lululemon 繼續提供使我們在零售行業中脫穎而出的那種性能。兩週前，我們舉行了年度領導力峰會，來自全球的近 2,000 名領導人匯聚一堂。我們詳細介紹了我們的 Power of Three x2 增長計劃，並談到了 lululemon 的文化和我們的目標，即通過幫助人們感受最佳狀態來提升人類潛力。

And the passion from every participant, the enthusiasm during every breakout was simply incredible. It reinforces my confidence in all that lies ahead for lululemon as we both navigate what uncertainty emerges and work toward delivering on our goals to double our business within the next 5 years. It's an honor to lead this incredible organization.

每個參與者的熱情，每次突破時的熱情簡直令人難以置信。它增強了我對 lululemon 未來一切的信心，因為我們既要應對出現的不確定性，又要努力實現我們的目標，在未來 5 年內將我們的業務翻一番。領導這個令人難以置信的組織是一種榮幸。

And now we'll take your questions. Operator?

現在我們將回答您的問題。操作員？

(Operator Instructions) The first question comes from Matthew Boss with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Matthew Boss。

Great. And congrats on another really nice quarter. So Calvin, what I thought was striking about this quarter was the consistency, meaning across the 27% top line CAGR, you delivered strength across men's, women's, international and North America. So maybe could you help speak to the momentum of the brand versus maybe the expansion of the overall TAM, what you think is really driving it? Any comments on May to start the second quarter? And then just how best to think about your ability to chase upside demand relative to the inventory that you have?

偉大的。並祝賀另一個非常好的季度。所以卡爾文，我認為本季度令人震驚的是一致性，這意味著在 27% 的頂線複合年增長率中，你在男子、女子、國際和北美提供了力量。所以也許你能幫助談談品牌的勢頭與整體 TAM 的擴張，你認為真正推動它的是什麼？對五月開始第二季度有何評論？然後，如何最好地考慮您追逐相對於您擁有的庫存的上行需求的能力？

Thanks, Matthew. Well, I think it -- as you know, and you've heard me say before, we're in early innings of growth, and we continue to experience balanced growth across all of our levers, gender, activity, category, channel and markets. And Q1 was no different. And it plays to our product innovation, plays to where we are in the opportunity and penetration across all of those levers and how we still have room to grow women's while we're working to double our men's business, similar in our physical retail store footprint as we double digital and internationally with our momentum and growth in North America.

謝謝，馬修。嗯，我認為——正如你知道的，你之前聽過我說過，我們處於增長的早期階段，我們繼續在所有槓桿、性別、活動、類別、渠道和市場。 Q1 也不例外。它對我們的產品創新、對我們所處的機會和對所有這些槓桿的滲透以及我們如何在我們努力將男裝業務翻番的同時仍有增長空間的情況下發揮作用，這與我們的實體零售店足跡類似隨著我們在北美的發展勢頭和增長，我們將數字化和國際化翻了一番。

So it's the narrative that we've been sharing and working towards continues to play out. And as we look forward to future quarters into the future years and doubling our business, it's where we gain the confidence in our ability, knowing what we can continue to create and see that balance across all levers inside the organization. And when I do look forward in the product pipeline, I feel very good that we continue to bring innovation into our own categories of run, train and yoga. We saw a lot of success.

因此，我們一直在分享和努力的故事將繼續上演。當我們期待未來幾個季度和未來幾年的業務翻番時，我們對自己的能力充滿信心，知道我們可以繼續創造什麼，並看到組織內部所有槓桿之間的平衡。當我對產品線進行展望時，我感到非常高興我們繼續將創新帶入我們自己的跑步、訓練和瑜伽類別。我們看到了很多成功。

We just launched SenseKnit, as you might have seen in the last few days, which is a wonderful new innovation and fabric to help further our strength and run. And the launch of our play activities in the last quarter with the golf and tennis, one, achieved the goal of driving credibility in those activities as well as lifting the core. So I'm very excited about how product is resonating in the pipeline for new innovation and have a lot of confidence that we'll continue to see those growth opportunities as we move forward.

我們剛剛推出了 SenseKnit，正如您在過去幾天中可能看到的那樣，這是一種出色的新創新和麵料，有助於增強我們的力量和跑步。我們在上個季度推出的高爾夫和網球比賽活動，達到了提高這些活動的可信度和提升核心的目標。因此，我對產品如何在新創新的管道中產生共鳴感到非常興奮，並且對我們在前進的過程中將繼續看到這些增長機會充滿信心。

And Matt, I'd just add to that in terms of May, I think we're pleased with the continued momentum in our business as reflected in our 26% 3-year CAGR guide for Q2. And then in terms of inventory relationship to the sales as the year progresses, we feel really comfortable with our inventory position as we move into Q2. The team has done a nice job pulling forward inventory to meet our demand. And we are guiding to 24% to 25% for the full year, a little bit more conservative in the second half, given we have more of a line of sight clearly to Q2 and some of the macro uncertainty in front of us. I feel well positioned overall.

還有馬特，我只想在 5 月份補充一點，我認為我們對我們業務的持續發展勢頭感到滿意，這反映在我們第二季度 26% 的 3 年復合年增長率指南中。然後在庫存與銷售的關係方面，隨著時間的推移，我們對進入第二季度的庫存狀況感到非常滿意。該團隊在提前庫存以滿足我們的需求方面做得很好。鑑於我們對第二季度有更多清晰的視線以及擺在我們面前的一些宏觀不確定性，我們將全年引導至 24% 至 25%，下半年會稍微保守一些。我感覺整體定位很好。

Congrats again.

再次恭喜。

The next question comes from Mark Altschwager with Baird.

下一個問題來自貝爾德的 Mark Altschwager。

I guess just first, with respect to the updated guidance. It's great to see the momentum. You raised the high end of the guidance both on sales and earnings kind of more than flowing through the Q1 upside with some -- even with some of the incremental macro headwinds that you and others are facing out there. So I was hoping you could just unpack that a bit more. I guess what has changed regarding the plan for the remainder of the year relative to a couple of months ago? And how do you feel about the various levers you have in the business? Should there be perhaps some incremental choppiness with kind of broader consumer demand?

我想首先是關於更新的指南。很高興看到勢頭。你提高了關於銷售和收益的指導的高端，而不是通過第一季度的上行空間——即使你和其他人面臨著一些增量的宏觀逆風。所以我希望你能把它拆開一點。我想與幾個月前相比，今年剩餘時間的計劃發生了什麼變化？您如何看待您在業務中擁有的各種槓桿？是否應該隨著更廣泛的消費者需求而出現一些增量波動？

Yes. Thanks, Mark. So in terms of our guide for the second quarter, we obviously have line of sight to the second quarter at this point in time, 26% 3-year CAGR and then it's a little more conservative for the second half of the year, but feeling like our Q1 momentum is flowing into Q2, so comfortable flowing through some upside there. As I mentioned, we do have a little bit of incremental air freight pressure for the year, which we've reported in our guidance. And overall EPS raise also reflects some benefit from tax rate.

是的。謝謝，馬克。因此，就我們對第二季度的指導而言，我們顯然已經看到了第二季度，26% 的 3 年復合年增長率，然後對於下半年來說有點保守，但感覺就像我們的第一季度勢頭正在流入第二季度，所以很舒服地流過那裡的一些上行空間。正如我所提到的，我們今年確實有一些增加的空運壓力，我們已經在我們的指導中報告了這一點。整體每股收益的提高也反映了稅率的一些好處。

In terms of leverage, as we move throughout the year, as we've been employing over the last couple of years, we're running multiple scenarios to ensure we're able to meet guest demand as it comes and remaining flexible, pushing in on air freight, but also being flexible there and matching that with demand as well. So certainly using that muscle that we developed throughout the last couple of years in terms of how agile we are in meeting our guest demand.

就槓桿而言，隨著我們全年的行動，正如我們在過去幾年中一直在使用的那樣，我們正在運行多種方案，以確保我們能夠滿足客人的需求並保持靈活性，推動在空運方面，但在空運方面也很靈活，也可以與需求相匹配。因此，就我們在滿足客人需求方面的敏捷程度而言，肯定會利用我們在過去幾年中發展起來的力量。

And I apologize if I missed this, but could you give us just a little bit more perspective on kind of China, what you're seeing quarter-to-date? I know it's just kind of a mid-ish single-digit percent of your sales, but with the store closures you mentioned, I guess, where is that tracking and what is incorporated in your guidance in terms having -- getting those trends back to full productivity?

如果我錯過了這一點，我深表歉意，但你能否給我們更多關於中國的看法，你所看到的四分之一？我知道這只是你銷售額的中位數百分比，但我猜你提到的商店關閉，跟踪在哪里以及你的指導中包含的內容 - 讓這些趨勢回歸全生產力？

Yes. In terms of China, we have approximately 20% of our close -- of our stores closed currently. So 15 out of 71, primarily in Shanghai and Beijing. We've taken that into account in our guidance. We did have 8 of our 10 stores in Beijing reopen this week, and we're also seeing restrictions begin to ease in Shanghai. And the overall impact of that revenue in Q1 was more than made up by strength in other regions. And we're seeing, I would say, overall, the situation improve there. Also keeping a close eye, I would say, on sourcing. A small percentage of our total unit volume comes out of China, but continue to monitor closely there.

是的。就中國而言，我們關閉了大約 20% 的商店——目前我們的商店都關閉了。所以 71 個中有 15 個，主要在上海和北京。我們在指導中考慮到了這一點。本週，我們在北京的 10 家門店中確實有 8 家重新開業，而且我們也看到上海的限制開始放鬆。第一季度該收入的整體影響遠遠超過了其他地區的實力。我們看到，我想說，總體而言，那裡的情況有所改善。我會說，還要密切關注採購。我們總單位銷量的一小部分來自中國，但繼續密切關注那裡。

The next question comes from Ike Boruchow with Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Just on the inventory, Calvin, Meghan, can you maybe just talk a little bit more on -- are there pockets where -- of categories where you feel like you have a little bit too much? Is it broad-based? Like I'm looking at men's, women's, some of the ancillary newer categories, just is there any area where there's a little bit more than others? And then does this change any of your thought on potential markdown cadence into 2Q and the rest of the year? I know -- and I think, Meghan, you said markdowns were flat in Q1, but kind of curious what your thinking is rest of the year.

就庫存而言，卡爾文，梅根，你能不能多談談 - 有沒有口袋 - 你覺得你有太多的類別？基礎廣泛嗎？就像我在看男裝、女裝、一些輔助的較新類別一樣，是否有任何領域比其他領域多一點？那麼這是否會改變您對第二季度和今年剩餘時間的潛在降價節奏的任何想法？我知道 - 我想，梅根，你說第一季度降價幅度持平，但有點好奇你今年剩下的時間是怎麼想的。

Yes. Thanks, Ike. So in terms of inventory, I'd say we feel well positioned. If anything, there might be some pockets of inventory where we wish we had a little bit more just given the dynamic nature of the environment and certainly have been where possible pushing into core inventory, which is about 45% of our assortment and doesn't come with attached markdown liability.

是的。謝謝，艾克。所以在庫存方面，我想說我們感覺很好。如果有的話，考慮到環境的動態性質，我們可能希望我們有更多的庫存，並且當然已經在可能的情況下推入核心庫存，這大約是我們分類的 45%，並且沒有附帶降價責任。

As I mentioned, Q1, so markdowns were relatively flat year-over-year and then 40 basis points down to 2019. We don't -- we feel confident in our top line trend going into Q2 at a 26% 3-year CAGR and well aligned with our inventory growth when adjusting for the in-transit piece on a unit basis and have no plans to change the markdown cadence of our business as we look throughout the year.

正如我提到的，第一季度，降價同比相對持平，然後到 2019 年下降 40 個基點。我們沒有 - 我們對進入第二季度的 26% 3 年復合年增長率的頂線趨勢充滿信心並且在以單位為基礎調整在途件時與我們的庫存增長保持一致，並且沒有計劃改變我們全年業務的降價節奏。

The next question comes from Kimberly Greenberger with Morgan Stanley.

下一個問題來自摩根士丹利的 Kimberly Greenberger。

Great. This is Alex Straton on for Kimberly Greenberger. I just wanted to ask a quick question. There's all this chatter in the market and some signs we're seeing a slowdown, at least on the lower end consumer. But your results don't suggest there's any weakness across your customer base. So maybe could you talk to if you see any signs of weakness across in certain regions or in certain customer demographics? And can you also just remind us of what the average kind of household income is of a lulu customer?

偉大的。這是金伯利格林伯格的亞歷克斯斯特拉頓。我只是想問一個簡單的問題。市場上有所有這些喋喋不休的跡象，並且有一些跡象表明我們看到了放緩，至少在低端消費者身上是這樣。但是您的結果並不表明您的客戶群存在任何弱點。因此，如果您在某些地區或某些客戶人口統計數據中看到任何疲軟跡象，您可以談談嗎？您能否也提醒我們一下 lulu 客戶的平均家庭收入是多少？

Alex, it's Calvin. In terms of the question on health of guest and how we're seeing their spending behavior, I think I got part of my answer out, so I'm going to take it from the beginning. We feel very good about the health of our guests. New guest acquisition has been very strong, current guest spending has been strong, both contributing to the momentum and the growth of the company. We shared with you our traffic numbers, both in-store and online, very healthy.

亞歷克斯，是卡爾文。關於客人的健康問題以及我們如何看待他們的消費行為，我想我已經得到了部分答案，所以我將從頭開始回答。我們對客人的健康感到非常滿意。新客人的獲取非常強勁，當前的客人消費也很強勁，這都為公司的發展勢頭和增長做出了貢獻。我們與您分享了店內和在線的流量數據，非常健康。

Again, another good indicator of a very engaged guest. We did not experience any real benefit from the stimulus checks last year. And hence, we did not see any material impact as we cycled over that earlier this spring. So as we look forward, we continue to monitor the macroeconomic conditions, but Q1, beginning Q2, see very healthy guest metrics and remain optimistic how our guest is engaging in this category, the versatility of this product and where it prioritizes in their spend and their needs for every day.

再次，一個非常投入的客人的另一個很好的指標。去年，我們沒有從刺激檢查中獲得任何真正的好處。因此，當我們在今年春天早些時候騎自行車時，我們沒有看到任何實質性影響。因此，展望未來，我們將繼續監測宏觀經濟狀況，但從第一季度開始，第二季度開始，我們看到了非常健康的客戶指標，並對我們的客戶如何參與這一類別、該產品的多功能性以及它在他們的消費和優先考慮的地方保持樂觀。他們每天的需求。

The next question comes from Lorraine Hutchinson with Bank of America.

下一個問題來自美國銀行的 Lorraine Hutchinson。

I wanted to focus on gross margin for a minute. It looks like the 2Q guidance is a little better and full year a little worse, so maybe you could go through some of the moving parts there? And then I was wondering if you could offer some insight on how much of these air freight pressures you expect to recoup in both the fourth quarter and then throughout 2023?

我想專注於毛利率一分鐘。看起來第二季度的指導好一點，而全年的指導則差一點，所以也許你可以看看那裡的一些活動部分？然後我想知道您是否可以提供一些關於您預計在第四季度和整個 2023 年將收回多少這些空運壓力的見解？

Lorraine, so in terms of gross margin, we're guiding to 200 basis points of pressure in Q2 and then approximately 100 to 150 basis point decline for the full year. The second quarter does include 150 basis points of air freight pressure year-over-year. And then we also have increased our outlook for the year in terms of air freight pressure to 30 basis points. We previously had that as flat. When we look at -- just I would note the operating margin for the full year, it's modestly under 2019, even inclusive of a 300 basis point impact from air freight pressure.

Lorraine，因此就毛利率而言，我們預計第二季度的壓力將達到 200 個基點，然後全年下降約 100 至 150 個基點。第二季度確實包括同比增長 150 個基點的空運壓力。然後，我們還將今年的空運壓力展望上調至 30 個基點。我們以前把它當作平坦的。當我們看時——我會注意到全年的營業利潤率，略低於 2019 年，甚至包括空運壓力帶來的 300 個基點的影響。

So as you say, I think we see that moderating over the long term and certainly see opportunity to recoup that. But at this point in time, I think the supply chain pressures will be with us for the balance of 2022. We'll continue to keep you updated and obviously closely monitoring the environment, and the team continues to balance those decisions, as Calvin mentioned, with our revenue momentum.

所以正如你所說，我認為我們看到了長期的緩和，當然也看到了彌補這一點的機會。但在這個時間點上，我認為供應鏈壓力將伴隨我們到 2022 年的平衡。我們將繼續為您提供最新信息，顯然會密切監視環境，團隊將繼續平衡這些決定，正如 Calvin 提到的，以我們的收入勢頭。

The next question comes from Brooke Roach with Goldman Sachs.

下一個問題來自高盛的 Brooke Roach。

Calvin, I'd like to get your perspective on how you're thinking about consumer wallet share shifts between categories and how consumers are dressing now versus they may have dressed last year. How are you looking to ensure that the brand remains agile as these consumer preferences shift into a potentially living-with-COVID world?

卡爾文，我想了解一下你對消費者錢包份額在不同類別之間的變化的看法，以及消費者現在的穿著與去年的穿著情況。隨著這些消費者偏好轉變為可能與新冠病毒共存的世界，您如何確保品牌保持敏捷？

Thanks, Brooke. I think the most important factor is core to our product assortment is versatile performance apparel where, although used at times for versatility around the house, our gear is designed for activity-based use. And that we saw an uptick through the pandemic. It has continued as that behavior of activity, outdoor sweats, lifestyle has continued. So that is the essence of the brand and what drives our innovation through our key categories of yoga, run and train as well as our play activities. And that continues as strong now as it was through the pandemic.

謝謝，布魯克。我認為最重要的因素是我們產品分類的核心是多功能性能服裝，雖然有時用於家庭中的多功能性，但我們的裝備是為基於活動的使用而設計的。我們看到了大流行的上升。隨著這種活動、戶外出汗、生活方式的行為的繼續，它一直在繼續。這就是品牌的精髓，也是我們通過瑜伽、跑步和訓練以及遊戲活動等關鍵類別推動創新的動力。現在，這種情況與大流行期間一樣強勁。

And with the innovation we have in the pipeline and what I shared and what we've seen through Q1 into Q2, we feel very confident in our ability to continue to grow the assortments in our sales as a result of that. In men's, we have a very strong OTM business, which starts to factor into that lifestyle between to and from the studio. And we're excited about the opportunity to grow that within our women's assortment.

憑藉我們正在進行的創新以及我分享的內容以及我們從第一季度到第二季度所看到的內容，我們對因此繼續增加銷售品種的能力充滿信心。在男裝方面，我們擁有非常強大的 OTM 業務，這開始影響到工作室之間的生活方式。我們很高興有機會在我們的女裝系列中發展壯大。

But we're seeing strong performance in those categories as well as they do play to trends that have happened in general of how people are choosing versatile functional apparel for every day. But I think the core is we are a performance-based athletic brand. We are supporting our guests in their sweat activities and that is driving the momentum and growth of the business during the pandemic and post and continues to be the biggest fuel of our momentum.

但我們在這些類別中看到了強勁的表現，而且它們確實順應了人們每天如何選擇多功能功能性服裝的普遍趨勢。但我認為核心是我們是一個基於性能的運動品牌。我們正在支持我們的客人進行汗水活動，這在大流行和疫情期間推動了業務的發展勢頭和增長，並繼續成為我們發展勢頭的最大動力。

The next question comes from Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

Guys, can you give us an update on what you're seeing on your average unit costs for the second half and also into the first half of '23. And I'm curious, Calvin, I think you mentioned some cautiousness about passing through higher prices. Curious to how much you're willing to absorb versus what you might look to pass through to customers. And then second question, I think you mentioned 60 basis points of leverage on occupancy this quarter. Just curious what your comp leverage point is on the occupancy line at this point?

伙計們，你能告訴我們你在下半年和 23 年上半年看到的平均單位成本的最新情況嗎？我很好奇，卡爾文，我想你提到了一些對通過更高價格的謹慎態度。好奇您願意吸收多少與您可能希望通過什麼傳遞給客戶。然後是第二個問題，我認為您提到了本季度入住率的 60 個基點。只是好奇你的補償槓桿點在這一點上的佔用線上是多少？

Paul, so in terms of AUC, if I put air freight aside, we're seeing modest increases in raw material prices. So no material change in our underlying AUC and continue to closely monitor those impacts, closely working with our suppliers and as we look into 2023. In terms of pricing, we're taking modest price increases on about 10% of our assortment. As we said before, we strategically look at prices in terms of quality and make of our goods and the competitive landscape, and we'll continue to use that as a strategy as we move forward.

保羅，所以就 AUC 而言，如果我把空運放在一邊，我們看到原材料價格適度上漲。因此，我們的基本 AUC 沒有實質性變化，並繼續密切監控這些影響，與我們的供應商密切合作，展望 2023 年。在定價方面，我們對大約 10% 的產品品種進行適度的價格上漲。正如我們之前所說，我們從質量和產品製造以及競爭格局的角度戰略性地看待價格，我們將繼續將其作為我們前進的戰略。

In terms of occupancy, I think overall, our top line trend, obviously, very strong at the 27% 3-year sales CAGR. And leveraging occupancy to a large degree, given our outperformance on top line as well as the strength of our e-commerce business. We haven't broken out the leverage point, but continue to see opportunity on that line item as we move throughout 2022.

就入住率而言，我認為總體而言，我們的收入趨勢顯然非常強勁，3 年銷售複合年增長率為 27%。並在很大程度上利用入住率，因為我們在頂線的表現出色以及我們電子商務業務的實力。我們尚未突破槓桿點，但隨著我們整個 2022 年的發展，我們將繼續看到該項目的機會。

And just one quick follow-up. Could you just remind me what percent of your raw materials are petroleum-based, somehow tied to the oil -- price of oil?

只需快速跟進。你能不能提醒我你們的原材料中有多少是石油基的，以某種方式與石油——石油價格掛鉤？

We haven't quite broken that out, but I can follow up with some additional information.

我們還沒有完全解決這個問題，但我可以跟進一些額外的信息。

The next question comes from Michael Binetti with Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

Just one quick housekeeping. Meghan, I think you said, to Lorraine's question earlier, I think air freight in first quarter was 340 basis points of pressure, 150 basis points of pressure in 2Q. To get to the 30 basis points of pressure for the year, you're baking in positive leverage in the second half. And I know the comparison as you started paying for air freight last year helps. I just want to make sure I heard that because it sounded like to Lorraine you were saying maybe it would take quite some time to get back some of the air cost -- air freight costs.

只需一個快速的家政服務。梅根，我想你之前說過，對於洛林的問題，我認為第一季度的空運有 340 個基點的壓力，第二季度有 150 個基點的壓力。為了達到今年 30 個基點的壓力，你將在下半年獲得正槓桿。我知道你去年開始支付空運費用時的比較有幫助。我只是想確保我聽到了，因為這聽起來像 Lorraine 你說的可能需要相當長的時間才能收回一些空運成本 - 空運成本。

And then, Calvin, I guess, bigger picture, one thing that jumps out here is the e-commerce business actually accelerating versus the prior quarter on a 3-year basis. I can't say we've seen that dynamic with other brands. There's been a pretty pronounced trend of e-commerce slowing as consumers go back to stores. Aside from just good old-fashioned execution, anything to point out specific in that channel that you think is helping you guys kind of go the other direction of the industry?

然後，卡爾文，我想，更大的圖景，這裡跳出來的一件事是電子商務業務實際上在三年的基礎上比上一季度加速。我不能說我們已經看到其他品牌的動態。隨著消費者回到商店，電子商務放緩的趨勢非常明顯。除了良好的老式執行之外，您認為該渠道中的任何具體內容都可以幫助你們走向行業的另一個方向嗎？

Michael, I'll take the first part of that question. So in terms of air freight, we are up against some increases last year as we move into the second half of the year. So expect the air freight impact to be a leverage point in Q4 when we look on a 1-year basis. But I would say in terms of how we're looking at the future, I think coming off of the full year air freight, I think too early to say on '23 how we see that moderating, but do expect to have a leverage point as we lap the high water line in Q4 of last year.

邁克爾，我將回答這個問題的第一部分。因此，在空運方面，隨著我們進入下半年，我們去年遇到了一些增長。因此，當我們以 1 年為基礎時，預計空運影響將成為第四季度的一個槓桿點。但我會說，就我們如何看待未來而言，我認為從全年空運開始，我認為在 23 年說我們如何看待這種放緩還為時過早，但確實希望有一個槓桿點當我們在去年第四季度觸及高水位線時。

And on our online performance, I think it's a number of factors. As you said, the growth continues to be very strong, cycling over some very large numbers. I'll start by just talking about our store performance and the productivity in our stores were above 2019 levels. So the benefit is the success in e-commerce is incremental and not coming at the expense of our store productivity numbers. And we are seeing our stores perform back to and above where they were in 2019 as guests continue to come in. And as I mentioned, traffic in both stores and online were very healthy and continue to be very strong moving forward.

關於我們的在線表現，我認為這是很多因素。正如你所說，增長繼續非常強勁，在一些非常大的數字上循環。我將首先談論我們的商店業績和我們商店的生產力高於 2019 年的水平。所以好處是電子商務的成功是漸進的，而不是以犧牲我們商店的生產力為代價。隨著客人不斷湧入，我們看到我們的商店的表現回到了 2019 年的水平，甚至高於 2019 年的水平。正如我所提到的，商店和網上的客流量都非常健康，並且在未來繼續保持強勁勢頭。

Specifically online, I think there are a couple of factors. One, as you know, we pulled forward some investments. That was a combination of foundational as well as guest experience initiatives, both in how we merchandise some of our shops. The team has done a lot of good work around just basic efficiency, on checkout efficiency, reducing friction, a lot of the guest-facing initiatives like the online concierge and educator.

特別是在網上，我認為有幾個因素。一，如你所知，我們推進了一些投資。這是基礎和客戶體驗計劃的結合，無論是在我們如何銷售我們的一些商店。該團隊在基本效率、結賬效率、減少摩擦、許多面向客人的舉措（如在線禮賓和教育工作者）方面做了很多出色的工作。

And it boils down to also product. We saw a very strong engagement on our footwear category through our online channel. Newness around golf and tennis traditionally performs very well in the channel. And we've spent a lot of time in building an omni guest relationship. And I think they are shopping both store and online and when online, they're really diving into the newness early, quickly to ensure they secure it, yet still engaging in our store channel.

它歸結為產品。通過我們的在線渠道，我們看到了對我們鞋類類別的非常強烈的參與。傳統上，高爾夫和網球方面的新鮮事物在該頻道中表現非常出色。我們花了很多時間來建立全方位的客戶關係。而且我認為他們在商店和網上購物，當他們在線時，他們真的很早就潛入了新事物，迅速確保他們安全，但仍然參與我們的商店渠道。

So it's a combination of a lot of initiatives that we've been building, the team has been utilizing and product is definitely the primary or one of the key drivers of it. But it's boiling down to that behavior and that omni-guest relationship that we've been nurturing and building for the last few years.

所以這是我們一直在建立的許多計劃的組合，團隊一直在利用，產品絕對是它的主要或關鍵驅動因素之一。但它歸結為這種行為以及我們過去幾年一直在培養和建立的全方位客戶關係。

The next question comes from Adrienne Yih with Barclays.

下一個問題來自巴克萊的 Adrienne Yih。

Let me add my congratulations. Product looks fantastic. Calvin, I was wondering if you could share your insights on what have you learned from the capsule launches in tennis, golf and footwear? They were obviously stocked out very early. You're waiting for some replenishment there. So how have these launches informed you about the next iteration for footwear and other new categories like hike?

讓我補充一下我的祝賀。產品看起來棒極了。 Calvin，我想知道你是否可以分享你從網球、高爾夫和鞋類的膠囊發射中學到了什麼？他們顯然很早就斷貨了。你在那裡等著補貨。那麼，這些發佈如何讓您了解鞋類和其他新類別（如遠足）的下一次迭代？

Great. Thanks, Adrienne. A couple of things, and I'll start with footwear and then I'll move into some of the play capsules that we launched. With footwear, as we've shared, it's a test-and-learn category for us. We're excited about it. We think it's an exciting opportunity for the brand moving forward, and we're going to take a test-and-learn approach, which meant we sort of went in knowing that demand would be in excess of supply and it far exceeded our expectations.

偉大的。謝謝，阿德里安。有幾件事，我將從鞋類開始，然後我將介紹我們推出的一些遊戲膠囊。正如我們所分享的，對於鞋類，它對我們來說是一個測試和學習的類別。我們對此感到興奮。我們認為這對於品牌向前發展來說是一個令人興奮的機會，我們將採取測試和學習的方法，這意味著我們知道需求將超過供應並且遠遠超出我們的預期。

And we definitely had a lot more demand than we anticipated. Encouraging, but definitely impacted supply quicker than we would have wanted in an ideal scenario, but it all points to an incredible product that was well received both in the industry and with the guest. And the team is focused on learning and adapting. What's challenged that a little bit is the global supply chain challenges, and we're not going to pay to fly in footwear. So we're going to build the category and we're going to learn as we go.

而且我們的需求肯定比我們預期的要多得多。令人鼓舞，但肯定會比我們在理想情況下想要的更快地影響供應，但這一切都表明這是一款令人難以置信的產品，在行業和客人中都受到好評。團隊專注於學習和適應。面臨的挑戰是全球供應鏈挑戰，我們不會花錢買鞋。所以我們要建立這個類別，我們要邊走邊學。

But we'll be back in stock on Blissfeel this month. But we expect that we'll be going through these periods as we have some incredible colors coming that we expect the guests will resonate with. We have our slides in both men's and women's that dropped this week, and we've already seen a very positive response to that. And then Chargefeel and Strongfeel will launch later this summer and fall. So we're excited about how the guest is responding and the teams are learning, and I think it's a very positive indication of our ability and the elasticity of our brand to extend into categories, really offer a head-to-toe solution and when we deliver on unmet needs.

但本月我們將在 Blissfeel 上恢復庫存。但我們預計我們將經歷這些時期，因為我們將推出一些令人難以置信的色彩，我們希望客人會產生共鳴。我們的男裝和女裝幻燈片本週都下降了，我們已經看到了對此的非常積極的回應。然後 Chargefeel 和 Strongfeel 將在今年夏末和秋季推出。因此，我們對客人的反應和團隊的學習方式感到興奮，我認為這是一個非常積極的跡象，表明我們的能力和我們品牌擴展到類別的彈性，真正提供從頭到腳的解決方案以及何時我們滿足未滿足的需求。

And golf and tennis really fit into that where we design a small percentage of products that are designed specifically for those activities. And then we also leverage our core assortment to drive versatile opportunity and solutions as well as activities, and both performed incredibly well, as you indicated. I mean having Leylah Fernandez as our ambassador on our tennis has been fantastic. And leveraging golf during both the Masters and the PGA Championships in the future is a wonderful opportunity to put a spotlight on our product and our assortment, and in hike.

高爾夫和網球確實適合我們為這些活動設計的一小部分產品。然後，我們還利用我們的核心分類來推動多樣化的機會和解決方案以及活動，正如您所指出的，兩者都表現得非常好。我的意思是讓 Leylah Fernandez 擔任我們的網球大使真是太棒了。在未來的美國大師賽和 PGA 錦標賽期間利用高爾夫是一個絕佳的機會，可以將焦點放在我們的產品和我們的產品上，以及在徒步旅行中。

So team's learning. It's one of those indications where I think Meghan said we wish we had more, but it's delivering both sales in those products and lifting our core, which is the strategy, and it's resonating, and it's working well in both guest acquisition and expanding share of wallet with our existing guests. So we're excited about how the guests responded and with newness happening in this quarter and the rest of the year.

所以團隊的學習。這是我認為梅根說我們希望我們有更多的跡象之一，但它正在提供這些產品的銷售並提升我們的核心，這是戰略，它正在引起共鳴，它在客戶獲取和擴大市場份額方面運作良好我們現有客人的錢包。因此，我們對客人的反應以及本季度和今年餘下時間發生的新鮮事感到興奮。

The next question comes from John Kernan with Cowen.

下一個問題來自 John Kernan 和 Cowen。

Excellent. Congrats on a great quarter and momentum. Maybe I wanted to go back to the supply chain and Paul's average unit cost question. I guess where are there offsets for you in what's a rising supply chain cost environment? Obviously, some of the air freight will come down in the back half. Your markdown rates are very low, and you've got pricing power. But where are the areas to offset within the supply chain and what looks like an inflationary environment into 2023?

出色的。祝賀一個偉大的季度和勢頭。也許我想回到供應鍊和保羅的平均單位成本問題。我猜想在供應鏈成本不斷上升的環境中，您有哪些補償？很明顯，後半部分空運會回落。你的降價率非常低，而且你有定價權。但是，供應鏈中哪些領域可以抵消？到 2023 年，通脹環境會怎樣？

Yes. So I'd say there, to date, we've seen modest increases in terms of raw material prices. And we have started taking some price increases in Q1, as I said, modest and will be less than 10% of our assortment. We haven't seen any price resistance to date. And we'll continue to have a few actions as we roll throughout the year there. So we'll continue to look at that as a lever.

是的。所以我想說，迄今為止，我們已經看到原材料價格適度上漲。正如我所說，我們已經開始在第一季度採取一些價格上漲，幅度不大，將不到我們產品種類的 10%。迄今為止，我們還沒有看到任何價格阻力。我們將繼續採取一些行動，因為我們在那裡全年滾動。因此，我們將繼續將其視為一個槓桿。

I think when we look at our operating margin overall, we are modestly for the year under 2019, even with that 300 basis point pressure of air freight. So I feel as that environment moderates, we should have some opportunity in front of us in terms of recouping the air freight pressure. And we continue to look across our business in terms of opportunities to deliver on our 5-year average target of modest operating margin expansion, obviously, navigating those near-term challenges with air freight and ensuring importantly that we continue to drive the momentum in our business through key investments as well.

我認為，當我們查看我們的整體營業利潤率時，我們對 2019 年以下的一年是適度的，即使空運有 300 個基點的壓力。所以我覺得隨著環境的緩和，我們應該有一些機會來彌補空運壓力。我們將繼續審視我們的業務，以實現我們的 5 年平均營業利潤率適度增長目標，顯然，通過空運應對這些近期挑戰，重要的是確保我們繼續推動我們的發展勢頭。還通過關鍵投資開展業務。

Understood. Maybe one quick follow-up on inventory. As we all look at inventory balances across the sector, some of your peers in the competitive set, inventory dollars and units are up pretty meaningfully at this point. I guess, just the confidence in the ability to maintain full price sell-through, confidence in the competitive sets, ability to maintain full price sell-through as we go into Q3, Q4 and what's going to be much higher inventory levels throughout the sector into the holiday.

明白了。也許是對庫存的快速跟進。當我們都關注整個行業的庫存餘額時，您在競爭中的一些同行，庫存美元和單位在這一點上相當有意義地上升。我想，只是對保持全價銷售能力的信心，對競爭組合的信心，在我們進入第三季度時保持全價銷售的能力，第四季度以及整個行業的庫存水平將會高得多進入假期。

Yes. So I think when we look at our inventory on a 1-year basis, the rate -- the growth rate includes air freight impacts and then also higher in-transit with those longer ocean durations. And then also, we're comparing to periods of being under inventory last year. So that would have been relevant for Q1 of 2021. We feel the most relevant way to look at inventory as we navigate these supply chain disruptions and the comparisons to the pandemic period is to look at the 3-year unit CAGR. And that is really consistent with how we're looking at planning our business.

是的。因此，我認為，當我們以 1 年為基礎查看我們的庫存時，增長率——增長率包括空運影響，然後還包括更長的運輸時間以及更長的海運時間。然後，我們正在與去年的庫存期進行比較。因此，這與 2021 年第一季度相關。我們認為在應對這些供應鏈中斷時查看庫存最相關的方式是查看 3 年單位 CAGR。這與我們看待業務規劃的方式非常一致。

So that 3-year unit CAGR for us at the end of Q1 was up 36%, 5 points impact included in that for longer in-transit time. So adjusting for that 31% unit increase, we think, is well aligned with our top line momentum. So when we look at that 3-year revenue CAGR, it's 27% in Q1 and then 26% in terms of our Q2 guide. And then I'd say, still really pleased with full price momentum. Our markdowns in Q1 were relatively flat year-over-year, still 40 basis points below 2019.

因此，我們在第一季度末的 3 年單位 CAGR 增長了 36%，其中包括 5 個點的影響，以延長運輸時間。因此，我們認為，調整 31% 的單位增長與我們的頂線勢頭非常吻合。因此，當我們查看 3 年收入複合年增長率時，第一季度為 27%，然後根據我們的第二季度指南為 26%。然後我會說，仍然對全價勢頭感到非常滿意。我們在第一季度的降價幅度與去年同期相比相對持平，仍比 2019 年低 40 個基點。

So really looking at leveraging also the core and nonseasonal nature of our business, which is about 45% of our assortment as well. We tend to have low markdowns overall and don't see a change to that posture as we move throughout the year.

所以真的要考慮利用我們業務的核心和非季節性性質，這也占我們產品種類的 45%。總體而言，我們的降價幅度往往較低，並且隨著我們全年的行動，這種態勢不會發生變化。

The next question comes from Omar Saad with Evercore ISI.

下一個問題來自與 Evercore ISI 的 Omar Saad。

I wanted to dive in a little bit deeper in China. I know it's still a relatively small piece of the pie for you guys, but a huge part of the long-term growth algorithm. Putting aside the current kind of COVID lockdowns and things going on there, maybe talk about what's changed for the brand in China? That's been, I think, well over 10 years in the Greater China market at least. There seems to be some sort of inflection going on. Maybe dive in deeper what's going on with that brand and that consumer in that market through the premium and athleisure and athletic wear market.

我想在中國再深入一點。我知道這對你們來說仍然是一小塊蛋糕，但卻是長期增長算法的重要組成部分。撇開當前的 COVID 封鎖和那裡發生的事情不談，也許談談該品牌在中國發生了什麼變化？我認為，至少在大中華市場已經有 10 多年的歷史了。似乎有某種拐點正在發生。也許通過高端、運動休閒和運動服裝市場更深入地了解該品牌和該市場的消費者的情況。

Thanks, Omar. I think we've shared that even with the challenges that you alluded to, our year-over-year growth was still double digit in China and our 3-year CAGR is 60%. So there's definitely strong momentum behind the brand and very excited about the rest of this year and moving forward. These are short-term operational challenges. We've lived this in North America and other markets. We continue to support our teams as we did around the globe in these markets through pay protection, investing in the culture and that's important because that to me is one of the big pillars that's driving the success of the brand.

謝謝，奧馬爾。我想我們已經分享了，即使面臨你提到的挑戰，我們在中國的同比增長仍然是兩位數，我們的 3 年復合年增長率為 60%。因此，該品牌背後肯定有強勁的勢頭，並對今年餘下的時間和前進感到非常興奮。這些都是短期的運營挑戰。我們已經在北美和其他市場生活過。我們繼續支持我們的團隊，就像我們在全球這些市場所做的那樣，通過薪酬保護、投資文化，這很重要，因為對我來說，這是推動品牌成功的重要支柱之一。

We have incredibly engaged educators and talent at our SSC in Shanghai. We're investing in people and talent. We're investing in relationships with the community and our ambassador community within that market. And the product, like it is in other regions, is resonating. It's uniquely positioned. It's differentiated as a premium product.

我們在上海的 SSC 擁有非常敬業的教育工作者和人才。我們正在投資於人才和人才。我們正在投資與該市場中的社區和我們的大使社區的關係。與其他地區一樣，該產品正在引起共鳴。它的定位獨特。它作為一種優質產品而與眾不同。

When you get a chance to go to the market, you'll see we're positioned differently in malls. We're positioned differently in terms of how the guest is interacting with the product. And similar to other markets, the same activity strategy is working. The innovation is working. The dual gender is working. So we definitely are excited about -- do agree there's been an inflection in the brand that's been building for the last few years. And this is just a short-term operational challenge that many of us are faced with, but the health of the brand is very strong and bodes well for our future growth plans.

當你有機會去市場時，你會發現我們在商場中的定位不同。在客人如何與產品互動方面，我們的定位不同。與其他市場類似，相同的活動策略正在發揮作用。創新正在發揮作用。雙重性別正在發揮作用。所以我們肯定很興奮 - 確實同意過去幾年一直在建立的品牌發生了變化。這只是我們許多人面臨的短期運營挑戰，但品牌的健康狀況非常強勁，對我們未來的增長計劃來說是個好兆頭。

Operator, we'll take one more question.

接線員，我們再回答一個問題。

The next question comes from Tom Nikic with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Tom Nikic。

It sounds like you're pretty happy with some of the new categories you've entered, footwear, the golf and tennis capsules, et cetera, and you got kind of more coming down the pipe. Is there any concern on your part about kind of selling too much stuff at your customer in a short period of time, adding footwear and some of these new categories and hike and new fabrication, et cetera? How do you kind of make sure that the storytelling is there and the experience is there to help the customer kind of navigate through all these new product offerings that you're getting on?

聽起來您對您進入的一些新類別感到非常滿意，鞋類、高爾夫和網球膠囊等等，而且您還有更多的產品即將推出。您是否擔心在短時間內向您的客戶銷售過多的東西，增加鞋類和其中一些新類別以及徒步旅行和新製造等等？您如何確保講故事的存在和體驗的存在，以幫助客戶瀏覽您正在使用的所有這些新產品？

Great. Thanks, Tom. Focusing on storytelling and bringing the guests along with our product innovation journey is definitely a key focus of Nikki and the team, both the merchants, how we tell the story online and how we tell it through the brand, through our relationships that we build with our ambassadors. So it is absolutely a key focus.

偉大的。謝謝，湯姆。專注於講故事並將客人帶入我們的產品創新之旅絕對是 Nikki 和團隊（無論是商家）的重點，我們如何在線講述故事以及我們如何通過品牌講述故事，通過我們建立的關係我們的大使。所以這絕對是一個重點。

I'm not worried for a few reasons. One, it is minimal in SKU proliferation, which is designed and deliberate because we know we have highly productive stores, versatile product and we want to continue that. It is a big differentiator of our brand versus most others in this space. And we selectively target a small number of innovative products designed for these activities as a means to grow the overall core.

我不擔心有幾個原因。第一，SKU 擴散最小，這是經過精心設計和深思熟慮的，因為我們知道我們擁有高效的商店、多功能的產品，我們希望繼續這樣做。這是我們品牌與該領域大多數其他品牌的一大區別。我們有選擇地針對為這些活動設計的少數創新產品作為發展整體核心的手段。

So in many cases, it's how our guests are already sweating and using our product. We are just putting a brand story on it with a small number of design for products that validates, brings credibility already to the product and lifts it. Second, we focused on categories because we know it's how our guests sweat in our product, and it is their primary and secondary go-to activities. So we are delivering them innovative products that through our approach, Science of Feel and unmet needs in the activities that they are sweating and we're just extending the relationship for a brand that they have affinity and trust and confidence in, in delivering products that satisfies how they're choosing to sweat.

所以在很多情況下，這就是我們的客人已經流汗並使用我們的產品的方式。我們只是在其上添加品牌故事，並為產品設計少量驗證，為產品帶來可信度並提升它。其次，我們專注於品類，因為我們知道這是我們的客人在我們的產品中出汗的方式，也是他們的主要和次要活動。因此，我們通過我們的方法、感覺科學和在他們汗流浹背的活動中未滿足的需求為他們提供創新產品，我們只是在為他們有親和力、信任和信心的品牌擴展關係，在提供的產品中滿足他們如何選擇出汗。

So we're not stepping outside of the relationship we already have with guests. We are not stepping outside of how they're already sweating in our product, and we're designing specifically into that and leveraging our overall core. And then finally, what I'd say is the immediate response to all this incremental key activities or categories or items, be it footwear, tennis and golf were incredibly strong, which to me just validates the need, the immediate response and reaction, and I'm excited, encouraged with hiking.

因此，我們不會跳出我們與客人已經建立的關係。我們並沒有超越他們已經在我們的產品中出汗的方式，我們正在專門設計並利用我們的整體核心。最後，我要說的是對所有這些增量關鍵活動或類別或項目的立即響應，無論是鞋類、網球和高爾夫，都非常強大，這對我來說只是驗證了需求、立即響應和反應，以及我很興奮，對徒步旅行感到鼓舞。

We know when we bring innovative product that delivers on an unmet need that's focused on these core activities that are the strength of the relationship that he and she has with the brand, it resonates. And I think the results -- well, I know the results validated that. It's a strategy we're going to continue to roll out in the coming quarters.

我們知道，當我們推出能夠滿足未滿足需求的創新產品時，該產品專注於這些核心活動，這些活動是他和她與品牌之間關係的力量，它會引起共鳴。我認為結果——嗯，我知道結果證實了這一點。這是我們將在未來幾個季度繼續推出的策略。

Sounds good. And I love seeing J.R. Smith as one of your golf ambassadors.

聽起來不錯。我喜歡將 J.R. 史密斯視為您的高爾夫大使之一。

Thank you.

謝謝你。

That's all the time that we have for questions today. Thank you for joining the call, and have a nice day.

這就是我們今天的所有提問時間。感謝您加入電話會議，祝您有美好的一天。